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Artificial intelligence (AI) is the basis for mimicking human intelligence processes through the creation and application of algorithms built into a dynamic computing environment. Stated simply, AI is trying to make computers think and act like humans.The more humanlike the desired outcome, the more data and processing power required.
Today, the amount of data that is generated, by both humans and machines, far outpaces humans’ ability to absorb, interpret, and make complex decisions based on that data.
Artificial intelligence forms the basis for all computer learning and is the future of all complex decision making. As an example, most humans can figure out how to not lose at tic-tac-toe (noughts and crosses), even though there are 255,168 unique moves, of which 46,080 end in a draw. Far fewer folks would be considered grand champions of checkers, with more than 500 x 1018, or 500 quintillion, different potential moves. Computers are extremely efficient at calculating these combinations and permutations to arrive at the best decision. AI (and its logical evolution of machine learning) and deep learning are the foundational future of business decision making.

Artificial intelligence use cases

Applications of AI can be seen in everyday scenarios such as financial services fraud detection, retail purchase predictions, and online customer support interactions. Here are just a few examples:
Fraud detection: The financial services industry uses artificial intelligence in two ways. Initial scoring of applications for credit uses AI to understand creditworthiness. More advanced AI engines are employed to monitor and detect fraudulent payment card transactions in real time.
Virtual customer assistance (VCA): Call centres use VCA to predict and respond to customer inquiries outside of human interaction. Voice recognition, coupled with simulated human dialog, is the first point of interaction in a customer service inquiry. Higher-level inquiries are redirected to a human.
• When a person initiates dialog on a webpage via chat (chatbot), the person is often interacting with a computer running specialized AI. If the chatbot can’t interpret or address the question, a human intervenes to communicate directly with the person. These noninterpretive instances are fed into a machine-learning computation system to improve the AI application for future interactions.

Machine Learning

A subset of artificial intelligence (AI), machine learning (ML) is the area of computational science that focuses on analyzing and interpreting patterns and structures in data to enable learning, reasoning, and decision making outside of human interaction. Simply put, machine learning allows the user to feed a computer algorithm an immense amount of data and have the computer analyse and make data-driven recommendations and decisions based on only the input data. If any corrections are identified, the algorithm can incorporate that information to improve its future decision making.

Why Is Machine Learning Important?

Data is the lifeblood of all business. Data-driven decisions increasingly make the difference between keeping up with competition or falling further behind. Machine learning can be the key to unlocking the value of corporate and customer data and enacting decisions that keep a company ahead of the competition.

Machine Learning Use Cases

Machine learning has applications in all types of industries, including manufacturing, retail, healthcare and life sciences, travel and hospitality, financial services, and energy, feedstock, and utilities. Use cases include:

  • Manufacturing. Predictive maintenance and condition monitoring
  • Retail. Upselling and cross-channel marketing
  • Healthcare and life sciences. Disease identification and risk satisfaction
  • Travel and hospitality. Dynamic pricing
  • Financial services. Risk analytics and regulation
  • Energy. Energy demand and supply optimization
  • Job Market for AI and ML

    Artificial Intelligence (AI) is estimated to pave way for close to 2.3 million opportunities by the year 2020. And if you look at a report from Indeed, vacancies in the realm of artificial intelligence has doubled over the last three years. A similar report from Indeed also reveals that the most in-demand job roles in artificial intelligence are that of machine learning engineers, software engineers and data scientists.
    While the competition in the industry is yet to heat up in the coming months, the current talent pool in the IT industry have already set their eyes on artificial intelligence as an avenue for lucrative paychecks and rewarding career path. Amidst all the commotion that AI will replace redundant job roles with automation and smart devices, we are yet to reach the stage where machines would take over our everyday life. So if you are an AI aspirant looking to land a job in the industry, let us remind you that opportunities are aplenty. This article sheds light on some of the most in-demand jobs in the industry right now.